City Council Meeting Date: August 5, 2024
To: Mayor and City Council
From: David Bennett, Public Works Director/City Engineer
Brenda Angelstad, Finance Director
Title
Consider Resolution Providing for the Issuance and Sale of General Obligation Street Reconstruction, Abatement and Equipment Bonds, Series 2024A in the Proposed Aggregate Principal Amount of $10,370,000.
Body
Action Requested:
The Northfield City Council considers approving the attached Resolution Providing for the Issuance and Sale of General Obligation Street Reconstruction, Abatement and Equipment Bonds, Series 2024A in the Proposed Aggregate Principal Amount of $10,370,000.
Summary Report:
It is requested that the City Council approve the Resolution authorizing the sale of bonds to finance various capital projects to include the 2024 College and Water Street Areas Reconstruction, Jefferson Parkway Mill and Overlay, Abatement Bonds for Transit Hub, Storm Water System Improvements and Equipment Certificates for the Fire Pumper, Police Command Van, and Plow Truck.
Nick Anhut with Ehlers will be in attendance at the meeting to present the background documents and recommendations.
Alternative Options:
None recommended.
Financial Impacts:
For more detail regarding annual debt payments, see attachments.
Tentative Timelines:
August 5, 2025 - Council Consideration of Resolution Sale of Bonds
September 12, 2024 - Closing Date of Bond Sale and presented to Council